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What is Michael Rapino’s Net Worth and Salary?
Michael Rapino is a Canadian-American enterprise government who has a net worth of $150 million. Michael Rapino serves because the president and CEO of the multinational leisure firm Live Nation Entertainment, which was created in 2010 from the merger of Live Nation and Ticketmaster Entertainment. Under his management, the corporate acquired House of Blues Entertainment and the Bonnaroo Music and Arts Festival, amongst a myriad of different music firms and festivals all over the world. In 2017, Michael Rapino earned over $70 million in whole compensation. Rapino and Live Nation have garnered widespread criticism for alleged worth fixing, hidden charges, security violations, and varied anti-competitive practices.
He has been married to actress Jolene Blalock since 2003. They met after Michael employed her to look in a beer industrial. Jolene really proposed to Michael and as we speak they’ve three youngsters collectively.
Michael Rapino Live Nation Salary
Michael has served as CEO of Live Nation since 2005. In 2017 he acquired $70 million in whole compensation, nearly all of which was within the type of a bonus. Also in 2017, Michael signed a 5-year contract that ensures him a base wage of $9 million per 12 months.
Early Life and Education
Michael Rapino was born in 1967 in Thunder Bay, Ontario, Canada into an Italian Catholic family. For his greater training, he attended Lakehead University, from which he earned a bachelor of enterprise administration diploma in 1989.
Career Beginnings
While a scholar at Lakehead, Rapino labored as a gross sales consultant for Labatt Breweries and started selling bands at native bars. He put collectively weekly advertisements within the student-funded newspaper The Argus that highlighted reside music occasions in Thunder Bay. After graduating from Lakehead, Rapino moved to Toronto and continued working as a gross sales consultant for Labatt Breweries. He remained with the corporate for a complete of ten years doing varied advertising and leisure roles.
In the late Nineties, Rapino co-founded the Canadian live performance promotion firm Core Audience Entertainment. The firm was acquired by SFX Entertainment in 1999, and the 12 months after that, SFX was acquired by Clear Channel Communications. Rapino held quite a few completely different roles at Clear Channel Entertainment, the corporate’s leisure division.
Live Nation
In 2005, Clear Channel Communications spun off its leisure division and named it Live Nation; Rapino was appointed as the corporate’s CEO. After Live Nation merged with the ticket gross sales and distribution firm Ticketmaster Entertainment in 2010, Rapino was named the CEO of the brand new firm, Live Nation Entertainment. Under Rapino’s management, Live Nation has acquired quite a few firms and festivals within the music trade, together with House of Blues Entertainment, the Bonnaroo Music and Arts Festival, Blue Note Entertainment, and BottleRock Napa Valley. It has additionally made a number of worldwide acquisitions, together with the Sweden Rock Festival, Australia’s Secret Sounds Group, Israel’s Bluestone Entertainment, and Finland’s Blockfest. Meanwhile, the corporate has struck main touring and merchandising offers with such artists as Madonna, U2, Jay-Z, Shakira, and Lady Gaga. In late 2015, Live Nation launched a movie and tv division known as Live Nation Productions; the division produced Bradley Cooper’s 2018 movie “A Star is Born,” starring Gaga.
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Controversies
Live Nation has drawn appreciable controversy and criticism for its function within the consolidation and monopolization of the reside occasions trade. It has been decried for allegedly partaking in anti-competitive practices, for mishandling the ticket sale course of for well-liked occasions, and for the quite a few accidents and deaths which have occurred at its occasions. A lot of lawsuits have been filed towards Live Nation alleging worth fixing and hidden charges. In the spring of 2022, congressman Bill Pascrell acknowledged that he had issued letters to the FTC and US Department of Justice urging for Live Nation to be dissolved. These calls have been repeated later within the 12 months throughout main ticket sale blunders for Taylor Swift’s Eras Tour.
In addition to the myriad criticisms of Live Nation, Rapino has confronted backlash for the discrepancy between his earnings and that of his workers. In 2017, he earned $70.6 million whereas his workers made a mean of $24,000, reportedly one of many largest gaps in wage between a CEO and his employees. Rapino elicited additional criticism when he tried to defend Live Nation’s excessive ticket costs and lack of regulation by saying that ticket costs ought to be akin to “shopping for a Gucci bag,” and that the typical client may solely have the option to take action “a few times a 12 months.”
Personal Life
In 2003, Rapino married actress and mannequin Jolene Blalock, recognized for her function as Vulcan officer T’Pol on the science-fiction tv sequence “Star Trek: Enterprise.” The couple first met on a industrial shoot Rapino was doing. Together, they’ve three sons named Ryder, River, and Rexton. Rapino and Blalock based the Rapino Foundation, which offers help to folks within the creating world.
Real Estate
In 2003, proper across the time they married, Michael spent $2.8 million on a house in Los Angeles. Ten years later they bought the house for a shade over what they spend again in 2003.
At the identical time in 2013 they spent $14.75 million on a big two-parcel property in LA’s Brentwood neighborhood. The ensuing two-acre compound featured an 11,000 sq. foot foremost home and a 2,400 sq. foot second home. The vendor of each tons was a financier named John Rocchio who’s the co-founder of a non-public fairness agency known as Newstone Capital Partners. Rocchio spent round $11 million to accumulate the 2 parcels in 2006.
In March 2018, Jolene and Michael spent $11 million to accumulate a improbable dwelling in Malibu, California by way of a belief. The 3,300 sq. foot beachfront property had been listed for $12 million. In whole, the Rapino-Blalocks personal at the very least $30 million price of actual property alone.
All web worths are calculated utilizing knowledge drawn from public sources. When offered, we additionally incorporate personal ideas and suggestions acquired from the celebrities or their representatives. While we work diligently to make sure that our numbers are as correct as attainable, until in any other case indicated they’re solely estimates. We welcome all corrections and suggestions utilizing the button beneath.
